“The Reserve Financial institution has over time taken various measures to reinforce shopper safety. These measures embrace laying down regulatory frameworks on customer support, inner grievance redress and the Ombudsman mechanisms,” RBI Governor Shaktikanta Das stated whereas saying bi-monthly financial coverage.
In view of the transformation underway within the monetary panorama attributable to improvements in services and products, deepening of digital penetration and emergence of assorted service suppliers, he stated, a committee was proposed to set as much as study and assessment the present state of customer support within the RBI Regulated Entities (RE), adequacy of customer support rules and recommend measure to enhance the identical.
Regulatory directions are issued to regulated entities primarily based on the situations prevailing within the monetary system, findings of conduct supervision, evaluation of complaints acquired, and suggestions acquired from numerous Committees arrange for this goal.
The necessary committees arrange by the RBI on customer support over time embrace Talwar Committee on Buyer Service (1975), Goiporia Committee (1990), Tarapore Committee on Procedures and Efficiency Audit on Public Companies (CPPAPS, 2004) and Damodaran Committee on Buyer Service (2010).
To facilitate higher understanding and evaluation of the potential impression of climate-related monetary dangers by Regulated Entities, Das stated, a Dialogue Paper on Local weather Danger and Sustainable Finance shall be revealed shortly for suggestions.
Local weather change might lead to bodily and transition dangers that might have implications for the protection and soundness of particular person regulated entities in addition to monetary stability.
Thus, there’s a want for Regulated Entities to develop and implement a sound course of for understanding and assessing the potential impression of climate-related monetary dangers of their enterprise technique and operations, as per the Assertion on Developmental and Regulatory Insurance policies.
This may require, amongst different issues, an applicable governance construction and a strategic framework to successfully handle and handle these dangers. Additional, some regulatory initiatives within the space of local weather threat and sustainable finance would additionally assist the regulated entities to raised deal with local weather threat and information them within the transition interval, it stated.